as part of their work in both the commercial and public sectors. They should also be of benefit to organisations considering establishing an internal audit function. Internal auditors should read these guidelines in conjunction with the Approved Auditing Standards contained in the Members’ Handbook and the Institute’s By-Laws (On Professional Ethics‚ Conduct and Practice) [Issued January 2007] and any requirements regarding internal audit set out in the relevant statutes or regulations. These guidelines
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STATE AUDITING IN THE PHILIPPINES Reported by: MYRLA P. SEDENIO RUTH C. TACUJAN A. OBJECTIVES I. To Discuss the State Audit System 2. To Identify Issues and Limitations of Government Auditing 3. To Discuss the Measurement of Government Performance B. INTRODUCTION The Philippine Constitution emphasizes the importance of accountability in the government. Article XI simply and bluntly begins: “Public office is a public trust‚” before it adds that officials and employees
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A professional judgment is a key factor in auditing. As a result of development of auditing and accounting industry‚ especially after a series of accounting fraud and auditing failure cases‚ such as Enron and Arthur Andersen‚ in the last decade‚ professional judgments is becoming a more and more important aspect for the independent auditing industry. Recently‚ many countries and professional bad issued more strict auditing standards to emphasize to this point. It means the auditor should be required
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Q: “Auditing begins where accounting ends. State points of difference between accounting and auditing? “Auditing begins where accounting ends” Accounting is a process of maintaining business records. Joint stock companies are required by law to maintain proper record of business transactions. Maintaining books of accounts and preparing financial statement is a prime responsibility of directors. The shareholders are ambitious to see that their investment is safe. It is therefore imperative
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Financial Control Auditing in an Electronic Environment (e-Auditing) Presented to Dr. Marwa Tarek Presented By: Pierre Guirguis 9104428 Rimon Abd El-Meseih 9104386 Mahmoud Mohamed Refaat Auditing in an Electronic Environment (e-Auditing) * What is e-Auditing? Electronic auditing‚ or e-Auditing‚ is computer-assisted auditing that uses electronic records to complete all or part of the audit. If you use a computer to record your business activity and maintain this data electronically
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The future of auditing Called to account The auditing industry has yet to recover from the damage inflicted by an era of corporate scandals Nov 18th 2004 |From the print edition * * NO ONE becomes an auditor because the job is adventurous. In recent years‚ however‚ the profession has been really rather racy. Auditors have been implicated in fraud after fraud. The Enron scandal brought down Arthur Andersen‚ which had been one of the profession ’s five giant firms. Now a scandal at
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Group Assignment – HBC614B Company Auditing PART 1 THE INTERNATIONAL AUDITING STANDARDS BOARD AND ITS IMPORTANCE TO THE DEVELOPMENT OF AUDITING STANDARDS IN AUSTRALIA AND NEW ZEALAND The International Auditing and Assurance Standards Board (IAASB) is an independent standard setting body within the International Federation of Accountants (IFAC). Established in 1978‚ originally known as International Auditing Practices Committee (IAPC)‚ it changed its name to IAASB in early 2001 and was then
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| | |The History of Auditing | |A detailed overview | |
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101-1). In Goodbread’s case this refers to the fact that he had shares of stock (direct financial interest) in his possession when he was the audit engagement partner who oversaw the audit of Koger Properties‚ Inc. Under the Generally Accepted Auditing Standards (GAAS) there are three sections‚ General Standards‚ Standards of Fieldwork‚ and Standards of Reporting. Under the General Standards section of GAAS there is a specific standard for independence and it reads‚ “The auditor must maintain
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Auditing is a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users (Boynton & Johnson‚ 2006). In auditing there are many attributes that describes the auditor’s work. Elements of the Generally Accepted Auditing Standards are followed by auditors. The Generally Accepted Auditing Standards
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